KITA Hosts "Korea-Sweden Sustainable Partnership Summit"

Jointly Hosted with Business Sweden
Attended by Swedish Crown Princess Victoria and Others
14 Major Swedish Companies Including AstraZeneca Participated
Three MOUs Signed, Including a Joint Research Hub for Carbon Neutrality

The Korea International Trade Association announced that, on October 16, it jointly hosted the "Korea-Sweden Sustainable Partnership Summit" with Business Sweden at the Grand Hyatt Hotel in Yongsan-gu, Seoul.

At the "Korea-Sweden Sustainable Partnership Summit" jointly hosted by the Korea International Trade Association and Business Sweden on the 16th at the Grand Hyatt Hotel in Yongsan-gu, Seoul, Lee Inho, Vice Chairman of the Korea International Trade Association, is delivering a welcoming speech. Korea International Trade Association

Business Sweden is a trade and investment promotion agency jointly owned by the Swedish Ministry for Foreign Affairs and the Swedish Trade & Invest Council.

As a follow-up to the memorandum of understanding (MOU) signed with Business Sweden during the Swedish Prime Minister’s visit to Korea in 2019, the Korea International Trade Association has been holding annual business exchange events to support the expansion of economic cooperation between the two countries.

This year’s event was attended by Swedish Crown Princess Victoria, who visited Korea for the first time in 11 years, Prince Daniel, Minister for Foreign Affairs Maria Malmer Stenergard, Minister for Infrastructure and Housing Andreas Carlsson, as well as representatives from 14 major Swedish companies, including AstraZeneca (pharmaceuticals), Hexicon (offshore wind energy), Ericsson (telecommunications), Atlas Copco (industrial equipment), Volvo Trucks (commercial vehicles), and Scionext (SMR).

On the Korean side, more than 100 business representatives interested in cooperation with Sweden participated, including Lee Inho, Vice Chairman of the Korea International Trade Association, as well as representatives from Samsung Electronics, Samsung SDI, SK Telecom, POSCO International, Hyosung Heavy Industries, and HD Hyundai Electric.

The main theme of this year’s summit was "sustainability," which was adopted based on a proposal from Crown Princess Victoria, who serves as a UN Sustainable Development Goals Goodwill Ambassador, marking a new milestone in bilateral cooperation.

In his keynote speech, Minister for Infrastructure and Housing Andreas Carlsson emphasized, "Innovation and solidarity across borders are essential for sustainable growth," and strongly expressed hope that the two countries would grow together through cooperation with Korean companies, which possess world-class advanced industrial capabilities in semiconductors, batteries, and shipbuilding.

Swedish companies introduced their core technologies in areas such as offshore wind power, small modular reactors (SMRs), and eco-friendly packaging, presenting concrete models for collaboration with Korean companies. As a result, the two countries signed three MOUs outlining practical measures for a sustainable future, including the establishment of a joint research hub for carbon-neutral energy technology, the development of offshore wind structures, and a high-voltage direct current (HVDC) transmission project.

Specifically, these included: the establishment of a joint research hub for carbon-neutral energy technology and cooperation in power semiconductors among RISE (Research Institutes of Sweden), Korea Energy Engineering University, and Naju City; joint development of floating offshore wind structures between Hexicon and SK Oceanplant; and cooperation on future power grid solutions between Hitachi Energy and HD Hyundai Electric.

Lee Inho, Vice Chairman of the Korea International Trade Association, stated, "This summit, held amid the climate crisis and global trade uncertainties, is significant in that it has expanded the scope of economic cooperation between the two countries from traditional manufacturing to new industries such as eco-friendly and bio sectors. By combining Sweden’s leading vision with Korea’s dynamic technological capabilities, we can effectively contribute to addressing the climate crisis and stabilizing mutual supply chains."